The just-announced deal to build a $247 million cruise-ship terminal at PortMiami is a milestone for Caribbean tourism. The dominant regional industry may be experiencing a surprise turnaround after stagnating for much of the past decade. Macro trends have been a windfall. Vacationers traveling to Cuba are also spending their discretionary cash elsewhere in the region. Globetrotters are repurposing their holiday budgets away from the Eastern Mediterranean. Still further gain is derived from fresh pockets of middle-class wealth in Latin America. For investors drawn to the Caribbean, the good news is that fragmented, small economies yield overlooked transactions. ■
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